* LPL to acquire Concord Wealth Management
* Concord offers products, technology to trust departments
* Terms of deal not disclosed
NEW YORK, April 20 LPL Financial said on
Wednesday it plans to acquire Concord Wealth Management, which
provides products and technology to trust departments in banks
and credit unions.
LPL already provides investment platforms to banks and
credit unions and this acquisition will give the firm an entry
into these institutions' trust departments as well, said Dan
Arnold, divisional director of LPL Financial Institution
"This is going to allow us to participate in a rapidly
growing area in the trust services field," said Arnold in an
The terms of the deal were not disclosed.
Matawan, New Jersey-based Concord currently has $10 billion
in assets under administration, according to LPL. After the
deal is completed, Concord's 22 employees will join LPL and the
firm will continue to operate under the Concord name, said
In July 2010, LPL acquired National Retirement Partners, a
broker-dealer with 350 financial advisers that specializes in
In November, parent company LPL Investment Holdings Inc
(LPLA.O) raised $470 million in an initial public offering.
(Reporting by Helen Kearney; editing by Andre Grenon)